UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 16, 2007
Global Resource Corporation
(Exact name of registrant as specified in its charter)
NEVADA 000-50944 84-156582
--------------------------------------------------------------------------------
(State or other jurisdiction Commission File Number) IRS Employer
of incorporation) Identification No.)
408 BLOOMFIELD DRIVE, UNIT #3, WEST BERLIN, NEW JERSEY 08091
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (856) 767-5661
--------------
------------------------------------------------------------
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
See Item 8.01 below
ITEM 8.01 OTHER EVENTS.
On October 16, 2007 the Company revived an Agreement which had previously
expired for the sale of shares of its Common Stock to a European fund pursuant
to Regulation S. In December 2006 the Company had entered into an Agreement with
Mercatus & Partners, Limited, a private limited company organized and existing
under the laws of the United Kingdom, having an address of Via S. Roberto
Bellarmino #4, 00142 Roma, Italy for the placement of shares of its Common Stock
to a value of $2,000,000. However, despite two extensions by the Company, the
proposed transaction did not close and expired on March 31, 2007. Following
protracted discussions, on October 16, 2007 the Company agreed to revive the
Agreement, with certain modifications, and the parties executed an Addendum to
the original Agreement.
Under the revived Agreement and Addendum, Mercatus & Partners, Limited will
purchase shares to a total purchase of $2,000,000 on or before November 30, 2007
with the expectation, however, that the transaction will be completed by
November 15, 2007. During that time period, Mercatus & Partners, Limited will
make installment purchases. The purchase price per share will be 50% of the
calculated "value". The "value" of the shares purchased will initially be
determined based upon the closing sale prices for the Company's Common Stock for
ten (10) consecutive trading days ending on and including the date of the
payment. A second valuation of the shares will be made on the anniversary dates
of the purchases and adjusted, if necessary, for conditions at that time. The
Company has deposited 2,665,666 shares of its Common Stock in escrow, with any
unpurchased balance of such shares as of November 30th to be returned for
cancellation.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 10.4 First Addendum to Securities Purchase Agreement
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GLOBAL RESOURCE CORPORATION
By: /s/ Frank G. Pringle, President
---------------------
October 22, 2007